With tensions rising in the Strait of Hormuz, Pakistan purchases spot LNG at its highest price in four years

According to Golden Ten Data on July 16, due to renewed escalation of tensions near the Strait of Hormuz disrupting contract supplies from major supplier Qatar, Pakistan has purchased a cargo of liquefied natural gas (LNG) on the spot market at the highest price in four years. Traders revealed that Pakistan’s state-owned firm Pakistan LNG Limited secured a cargo of LNG through a tender that closed on Wednesday at a price of around $20.70 per million British thermal units, scheduled for delivery between July 21 and 22. This marks Pakistan’s most expensive LNG spot purchase since 2022. Since a scheduled LNG cargo from Qatar was canceled due to transport disruptions in the Strait of Hormuz, Pakistan was forced to make this spot purchase.